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Turkey to Trim Planned 40% Tax Hike on Cars
The Turkish government says it will lower last week’s proposed 40% tax increase on cars in 2018 to a “reasonable” level.
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The Turkish government says it will lower last week’s proposed 40% tax increase on cars in 2018 to a “reasonable” level.
Finance Minister Naci Agbal announced the hike last Wednesday as part of a medium-term economic proposal presented to the Turkish parliament. The package calls for higher taxes on items ranging from personal and corporate income to cigarette papers and energy drinks.
The plan follows a move last November that imposed a special consumption tax on personal cars. The Hurriyet Daily News says that tax ranges from 90% on vehicles with engines displacing between 1.6 and 2.0 liters to 145% for cars with larger engines.
The new tax would shift from a system based on engine displacement to one indexed to the vehicle’s value. The plan also would impose as much as 20% in additional taxes, according to Hurriyet.
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